Breaking

IGB Surges Most Since 2011 in Sao Paulo After New ‘iPhone’ Plan

July 30 (Bloomberg) -- IGB Eletronica SA, the electronics
maker that has rights to use the iPhone name in Brazil, surged
the most in two years after announcing a new device.

The shares jumped 18 percent to 7.70 reais at the close of
trading in Sao Paulo, the most since July 2011. Trading volume
was more than five times the three-month daily average,
according to data compiled by Bloomberg. The stock has surged 31
percent in the past two days.

IGB applied to register the iPhone name, most commonly
associated with Apple Inc., in 2000, and won the rights to use
it in 2008. The Manaus, Brazil-based company said in a statement
that it plans to introduce a second model in October.

“It certainly can cause confusion in the marketplace,”
John Butler, a senior telecommunications analyst with Bloomberg
Industries, said by phone from New York. “The asset is the
name, and it’s a valuable asset.”

Apple introduced the iPhone in 2007 and said it sold 31.2
million units in the quarter that ended in June. IGB introduced
its iPhone-branded product, which runs on the Android operating
system, in December 2012 and hasn’t disclosed how many it has
sold.

A press official for IGB declined to comment further on the
new phone. Kristin Huguet, a spokeswoman for Apple in Cupertino,
California, declined to comment.